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Bridge Loans in Corcoran
Corcoran's tight inventory creates timing problems. You find a property before yours sells, but waiting means losing the deal.
Bridge loans solve the gap between purchase and sale. Most Corcoran borrowers use them for 6-12 months while marketing their current property.
This isn't traditional financing. You're paying higher rates for speed and flexibility, not long-term affordability.
Lenders focus on equity, not income. You need 25-35% equity in your existing property to qualify.
Credit matters less than collateral. Scores below 600 still qualify if you have enough equity in both properties.
Most programs don't require W-2s or tax returns. The loan is secured by real estate, not your ability to repay long-term.
Local banks won't touch bridge loans in Corcoran. This is specialty lending through private capital sources.
We work with lenders who fund throughout Kings County. They understand agricultural communities and seasonal income patterns.
Expect origination fees of 1-3% plus higher rates. That's the cost of speed and no income verification.
Some lenders charge exit fees. Read the payoff terms carefully before signing.
Bridge loans work when you're certain your property will sell. If you're not sure, don't use this loan.
I see Corcoran borrowers get stuck when they overestimate sale price. List aggressively or you'll refinance into expensive money.
Best case: You close on the new property, sell within 90 days, pay off both loans. Worst case: You carry double debt at high rates for 12 months.
Calculate your burn rate. Each month costs thousands in interest with no equity building.
Hard money loans move faster but cost more. Bridge loans offer slightly better rates if you have strong equity.
Home equity lines need income verification. Bridge loans skip that but charge higher rates.
Contingent offers sound safer but lose in Corcoran's competitive market. Bridge loans let you make non-contingent offers.
Corcoran properties take time to sell. Don't assume 30-day closings like metro markets.
Agricultural ties affect liquidity. If your equity is in farmland or rural properties, fewer lenders participate.
Title work in Kings County can delay closings. Factor extra time for surveys and easement research on rural parcels.
Most bridge loans close in 7-14 days. Title work on rural properties can add time.
You'll need to refinance into longer-term debt or sell at a lower price. Plan your exit before borrowing.
Yes, but fewer lenders work with ag land. Expect higher rates and lower loan-to-value limits.
Some lenders defer payments until sale. Others require interest-only monthly payments.
Most lenders accept 580 or higher. Strong equity matters more than credit score.
Mortgage financing for independent contractors and freelancers who earn 1099 income instead of traditional W-2 wages.
Mortgage programs that allow borrowers to qualify based on liquid assets rather than traditional employment income.
Non-QM loans that use 12 to 24 months of bank statements to verify income for self-employed borrowers.
Debt Service Coverage Ratio loans that qualify investors based on a rental property's income rather than personal income.
Mortgage programs designed for non-US citizens and non-permanent residents who want to purchase property in the United States.
Asset-based short-term loans primarily used by real estate investors for property acquisition and renovation projects.
Mortgages that allow borrowers to pay only the interest for an initial period, resulting in lower monthly payments upfront.
Financing solutions tailored for real estate investors purchasing rental properties, fix-and-flip projects, or investment portfolios.
Home loans for borrowers who have an Individual Taxpayer Identification Number instead of a Social Security number.
Adjustable rate mortgages held in a lender's portfolio rather than sold on the secondary market, offering more flexible terms.
Non-QM mortgages that use a CPA-prepared profit and loss statement to verify income for self-employed borrowers.
Home loans with interest rates that adjust periodically based on market conditions after an initial fixed-rate period.
Specialized mortgage programs designed to support homeownership in underserved communities with flexible qualification criteria.
Mortgages that meet the guidelines and loan limits set by Fannie Mae and Freddie Mac for secondary market purchase.
Financing for building a new home or making major renovations, typically converting to a permanent mortgage upon completion.
Traditional mortgage financing not backed by a government agency, offering flexible terms and competitive rates for qualified borrowers.
Innovative loan products that leverage projected home equity growth to provide favorable financing terms.
Government-insured mortgages from the Federal Housing Administration with low down payments and flexible credit requirements.
A revolving line of credit secured by your home equity that allows you to borrow funds as needed during a draw period.
A fixed-rate second mortgage that provides a lump sum of cash by borrowing against the equity built in your home.
Mortgages that exceed the conforming loan limits set by the FHFA, designed for financing high-value luxury properties.
Loans for homeowners aged 62 and older that convert home equity into cash without requiring monthly mortgage payments.
Government-backed zero down payment mortgages for eligible rural and suburban homebuyers who meet income limits.
Government-guaranteed mortgages for eligible veterans, active-duty service members, and surviving spouses with zero down payment.